San Jose Bankruptcy Attorney comments the alleged prenuptial agreement between Tiger Woods and his wife Elin that will cost the golfer $300 million if they divorce.
Tiger Woods’ peccadilloes are well documented. Rumors of impending divorce and his wife Elin contacting family law attorneys have set the stage for a 2010 celebrity divorce which will be part of a media feeding frenzy. Reputable estimates of the size of the prenuptial agreement that Woods and his wife signed will give her $300 million, making it easily the largest celebrity divorce case on record. The previous record was held by Michael Jordan’s divorce which gave his wife Juanita $150 million.
While the $300 million will not put Woods in danger of bankruptcy, it will be a significant dent into his estimated net worth of nearly $1 billion. Woods earned nearly $100 million per year, mostly from endorsement contracts. Given his indefinite break from the PGA Tour, and subsequent loss of endorsement contracts, his future earnings may be curtailed if he is unable to reconcile with his wife and children.
Woods’ prenuptial agreement will remove much of the traditional wrangling over spousal support and child support that can often drag out divorce proceedings. Legal experts are questioning whether Elin Nordegren is renegotiating her prenuptial agreement with Woods while the couple is rumored to be in intense marriage counseling. But little is known for sure in the life of the intensely private Woods. He has guarded his privacy for years, and has successfully kept his family out of the media spotlight until the traffic accident at his home that broke this story.
Ouch: If Elin Bolts, Tiger Gives Up $300 Mil, www.wcbstv.com, December 3, 2009.
Woods’ wife reportedly revising prenup, www.msnbc.com, December 2, 2009
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